Retailers' weekly sales rise 4.8%: survey

AndriaCheng

NEW YORK (MarketWatch) -- Chain-store sales for the week ended Dec. 25 rose 4.8% from the year-earlier period, the best performance since April 24, according to a survey released Tuesday by the International Council of Shopping Centers and Goldman Sachs. On a week-over-week basis, sales gained 1%. "Consumers hurried to complete their last minute holiday-gift buying ahead of Christmas Day as many workers had additional shopping time on Christmas Eve, which was a federal holiday for many since Christmas Day fell on a Saturday," said Michael Niemira, ICSC's chief economist. "That last-minute holiday spending lift was aided by consumers who had more money as a result of the improving economy, more time as a result of the Friday holiday and more holiday-season excitement than in many years." ICSC forecast December same-store sales to rise 3.5% and November-December holiday-season sales to increase 4%, the strongest since at least 2006. Those forecasts were at the top end of its previous ranges.

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